The neoliberalization of ecosystem services: wetland mitigation banking and problems in environmental governance [An article from: Geoforum]

This digital document is a journal article from Geoforum, published by Elsevier in 2004. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

Description:
Wetland mitigation banking is an American neoliberal environmental policy that has created a functioning market in `ecosystem services', commodities defined using the holistic measures of ecological science. The development of this market is discussed as a project of environmental governance, defined as the nation-state's regulation of ecological relations within its territory towards stabilizing capitalist relations of power and accumulation. I argue that the wetland banking industry serves as a bellwether that presages problems that other strategies of neoliberal environmental governance will experience. Ethnographic, economic and ecological data from the Chicago-area wetland banking industry inform a discussion of two major obstacles to neoliberal strategy: the problem of relying on ecological science to define the unit of trade, and the problem of aligning the somewhat independent relations of law, politics, markets and ecosystems across an array of spatial scales. Theoretical guidance is sought from recent work on `social natures' and from the Regulationist approach to institutional political economics.